PHARMACY IS A SURVIVOR...
The National Health Service, like other sectors that rely on government funding, has been hit by these times of austerity. Whilst its not alone, like many others in the healthcare sector, Pharmacy has seen pressure on its finances due to government funding cuts, increases in generic prices, stock shortages and category M to name a few challenges. This has affected the whole sector, from multiple chains to independently owned community pharmacies. The latest round of funding negotiations for 2018/19 are yet to be decided and once again we have changes in the Health Department which may delay things further.
All of these issues will have affected the liquidity of pharmacy and for some there are difficult decisions to make including selling their business. However, it may not be the right time to sell for many and streamlining and financing options may be the way ahead. As many will know, community pharmacy has changed significantly over the years and it has faced many challenges, but it continues to evolve and continues to be an integral part of the 70 year old NHS.
Medifinance can arrange funding options to suit your needs now and in the future. Through our partner funders/advisors we can provide support to your business financially and non-financially for business acquisition, refinance, freehold purchase, plus asset finance (refits/equipment/dispensing robots).
About The Author
Ian Mills is a Medifinance Consultant, specialising in the Pharmacy sector
Ian was a senior manager who worked for a major pharmaceutical wholesaler for 24 years arranging guarantee scheme lending for pharmacies throughout the UK. Prior to this he worked in mainstream banking in the lending sector and also CeMAP qualified.
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